13 WTHR - Indianapolis News |Crown Castle posts larger-than-expected 3Q loss
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HOUSTON (AP) - Crown Castle International Corp., which owns and operates cell phone towers, on Tuesday reported a third-quarter loss roughly flat with year-ago results, as higher sales failed to offset growing costs.
After paying preferred dividends, the Houston-based company lost $36.8 million, or 13 cents per share, in the most recent quarter, compared with a loss of $37.4 million, or 13 cents per share, a year earlier.
Revenue rose 12 percent to $429.1 million from $384.3 million. However, costs for network services, asset write-down charges and general and administrative costs all rose in the latest period and the company booked a loss on interest rate swaps as well.
Analysts polled by Thomson Reuters had expected a smaller loss of 4 cents per share on revenue of $419 million.
The company also forecast a 2009 loss between 49 cents and 58 cents per share. In 2010, it expects results to range between a loss of 6 cents per share and a profit of 24 cents per share.
Analysts have projected a loss of 45 cents for fiscal 2009 and a 9-cent-per-share profit in 2010.
Crown Castle shares fell 62 cents to $30.97 in after-hours trading after closing Tuesday at $31.59, up 5 percent from a day earlier.
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